I love attending real estate conferences like Inman Connect New York (ICNY). It gives me a chance to get face-to-face with agents who are experiencing challenges head-on. It also allows me to ask agents and vendors alike about the coolest real estate tech toys everyone is talking about. I sat down with a lot of people at ICNY 2024 to find out the latest real estate technology trends and what might be coming around the corner. Here is my roundup of the most compelling stuff I learned.
1. Intuitive AI Integrations are on the Rise (But With a Caveat)
What I’m seeing from the conference
Many companies incorporate AI into their platforms, especially for lead qualifying and nurturing. The AI is improving at mimicking human interactions, asking questions that make sense, and giving clients a more robust user experience. As much as agents feared incorporating artificial intelligence (AI) tools into their workflow, the sizable amount of data collected and delivered to agents will become too challenging to manage alone.
How will it impact agents in the field?
The idea is to help agents manage more significant amounts of leads so that fewer slip through the cracks. These lead gen companies are generating tons of leads, but agents need more time to work the leads through to the closing table. Most of these companies are trying to take the heavy lifting out of lead conversion to positively impact the ROI for agents.
My takeaway
I love this for agents! Working leads, especially the leads that are more than six months away from converting, is a huge time suck. Any company that can help agents convert more of their paid and organic leads is a partner in my book.
2. Overproduced Videos Are Out
What I’m seeing from the conference
Many speakers at Inman Connect New York stressed the importance of authenticity in marketing. One element that was singled out is the overproduced videos we’ve seen so much of since video first took over social media. Kyle Scott, President of SERHANT Ventures, specifically said, “Raw is in” for 2024. Audiences are immune to the overly polished, overproduced content agents have created. It’s time to just get on camera, no makeup, hair in a messy bun, and show clips of you doing you in real life.
Check out our video with Kyle here.
How will it impact agents in the field?
This trend is good news for agents. If anyone hesitates to get on video because they’re afraid it won’t be “perfect,” this is liberating. Your audience wants to get to know you so you can let go of the idea that you must look perfect and polished every time you get in front of the camera.
My takeaway
I would love to see more agents take advantage of this easily accessible way of communicating with their clients and leads. Here’s the truth–you’re not used to seeing yourself while talking, but everyone around you is. So, let people like you for you. This rawness is how your audience is going to connect with you. We’re entering a new era where the old methods of trying to reach your audience will be taboo–no one wants to get into a legal situation over cold-calling or door-knocking, but that’s becoming a thing. So, now is the time to lean into this authentic marketing that lives online.
3. Closed Ecosystems Are Coming On Strong
What I’m seeing from the conference
In the past, I’ve pushed against these all-in-one ecosystems, called walled gardens, because I like having options. But more and more, companies are creating exclusive ecosystems, and agents are taking advantage of an all-in-one system that handles everything from lead capture and prioritization to hand-off when the lead is hot. These companies are, in essence, building an entire system that runs the back end of real estate agents’ businesses from end to end.
How will it impact agents in the field?
For agents who are not tech-savvy, these walled gardens are ideal. What’s great about them is they make things simple for agents. For example, companies like Zurple or Lofty start with an IDX website that gives users a positive experience to keep them returning. Then, it deploys lead generation strategies, nurturing, funneling from outside lead gen sources, and lead prioritization on autopilot within its built-in CRM.
My takeaway
In my experience, agents typically aren’t great at follow-up or lead conversion. With the new AI integrations taking this lift, agents will see a higher return on investment from these platforms. My only issue is that for new agents just starting, the investment for this tech level might be a lot to take on. I didn’t close my first deal until I was six months in the business. Paying hundreds of dollars monthly for tech in my real estate business until that first transaction closed might have bankrupted me before I started.
These walled gardens aren’t made for solo agents anyway. I talked with an agent at the conference about how things are moving towards more team structures, leaving solo agents out in the cold. One of the speakers, Mauricio Umansky, founder and CEO of The Agency, said that boutique brokerages will become extinct within several years.
4. Using Real Estate Technology for Transparency in Negotiations is In
What I’m seeing from the conference
I visited Final Offer, a real estate technology company to watch while exploring the vendors at Inman Connect New York. Final Offer allows listing agents to place their listings on the platform and track listing prices, best offer pricing, and seller terms to get the house sold quickly. A listing agent can share as much or as little information as they and their seller agree. Still, anyone who has favorited the listing will be notified when an offer is submitted, opening the floor for anyone else who may have been interested in submitting an offer.
How will it impact agents in the field?
One thing that has become painfully obvious is our clients, both buyers and sellers, have an innate distrust for our industry. As real estate agents, we are responsible for creating more transparency in what we do for our clients. This real estate technology trend is timely, with the real estate commission lawsuits still looming.
My takeaway
This type of tech is the future of real estate technology. If clients demand more transparency in their real estate transactions, more tech that allows everyone to get on the same page in real time will enter the field. I love their platform and its ability to expose transactions, creating a transparency that has been touted as a needed shift in our industry.
Your Take On Real Estate Technology Trends
Inman Connect New York was an exciting event, and I got to take in a lot. I love going to conferences, and if I walk away with one little nugget, something that I can take back and implement in my business, it is worth the investment. This year at ICNY 2024 I was blown away by all the amazing technology in real estate that’s being created to help agents build more relationships, increase their lead gen ROI, and close more transactions. Did you attend Inman Connect New York this year? What were your takeaways? Let me know in the comments!
